Bank technology stocks turned in a mixed performance last week despite investors' positive reaction to election results.
Most stock indexes hit all-time highs, amid euphoria in the market over the preservation of the political status quo - reelection of President Clinton and the return of a Republican-controlled Congress.
The Dow Jones industrial average closed at a record 6,219.82 Friday. For the week it was up 197.52 points. The S&P 500 set yet another record with a 27-point gain for the week, closing Friday at 730.82.
Jeffrey L. Davis, analyst at NatCity Investments Inc., Indianapolis, said investors "go for the blue chips" whenever they "feel good" about the market.
He noted several other drivers of the market rise, such as Thursday's successful auction of $10 billion of 30-year Treasury bonds and the release of a Federal Reserve report showing that consumers cut back on borrowing in September.
In news affecting bank technology companies, Intuit Inc.'s stock price jumped more than 20% on rumors that American Express Co. was bidding to buy it for as much as $50 a share.
Intuit executives called the rumors "wildly untrue" but declined to comment further. The Mountain View, Calif., firm makes consumer and business finance software, including Quicken, the market-leading personal finance software package. Its shares closed at $36.50, up $9.625 for the week.
NCO Group Inc., a provider of accounts receivables services, floated an initial public offering Thursday. The Blue Bell, Pa. firm has about 5,000 customers, including banking companies such as First Union Corp.
NCO offers collection, telemarketing, and customer-related services through eight call centers in six states.
Company officials could not comment on the offering, but a wire report said NCO Group would use $15 million of the $32.5 million it raised to repay debt. The balance of the cash will go for general purposes, such as possible acquisitions.
The company offered 2.5 million common shares, or 37% of the 6.7 million shares outstanding. The stock was priced at $13 to $15 by its underwriters, Montgomery Securities and Janney Montgomery Scott Inc. It closed Friday at $17.25.
US Order and Colonial Data completed a previously reported merger of equals. The new company, called Intelidata (INTD), is traded on Nasdaq.
The merger grew out of the companies' joint work developing smart telephones and on-line electronic information services.
In other news, CFI Proservices Inc., Portland, Ore., said it would file a registration statement with the Securities and Exchange Commission for a public offering of more than 1.5 million shares of common stock. The deal would be led by Hambrecht & Quist, San Francisco.
CFI Proservices supplies PC-based home banking software, among other products. Company officials said it would use the proceeds for general purposes, including possible acquisitions.
The company has nearly 4.8 million shares outstanding. Its stock price was off 25 cents for the week, at $18.25.
